Eco Oil & Gas (EOG-V)
www.ecooilandgas.com
68.9 million o/s
Insiders own 30%
Institutional own 40%
$7.5 million cash
Eco Oil closes $3.23-million private placement - Nov 19, 2012 News Release
Eco Oil & Gas Ltd. has closed its previously announced non-brokered private placement of common shares of the company. In connection with the offering, which was oversubscribed, the company issued 8,098,500 common shares at a price of 40 cents per common share for gross proceeds of $3,239,400.
President and chief executive officer of Eco Atlantic, Gil Holzman, commented: "Completing the offering in this challenging market is a strong sign of confidence by the international investment community in the company and its prospective Namibian oil assets. The added capital strengthens our balance sheet and will be applied to the progression of our offshore 3-D seismic program and later farm-out discussions. Offshore Namibia exploration activities of our neighbouring peers will intensify in upcoming months with several new wells planned to spud in the beginning of 2013. With the increased activity in the region, we are well suited to enhance our own offshore work program and beyond."
The common shares issued at closing are subject to a standard hold period of four months plus one day from the closing date, expiring on March 17, 2013.
The company will pay up to 2 per cent in cash commission as finders' fees for certain orders in connection with the offering.
We seek Safe Harbor.
Company presentation
ecooilandgas.com
Fact sheet
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